Explain merits and limitations of partnership firm
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In general partnership the liability of partners is unlimited, joint and several. ... Due to limited number of partners, a partnership firm can have limited financial and managerial resources.
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Unlimited Liability: -In general partnership the liability of partners is unlimited, joint and several. ... Due to limited number of partners, a partnership firm can have limited financial and managerial resources. 3. Disputes Among Partners: -There can be constant conflicts and disputes among partners.
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